Gold surges higher—October 21, 2024

US stocks ended the week modestly higher with real estate, utilities, and consumer durables leading, despite a steep decline in MSML. Fixed income yields remained steady, though data continued to prompt sell-offs, with the 10-year yield spiking due to strong retail sales data. Commodities saw a drop in crude prices by 9% amidst concerns of oversupply, while gold reached a record high of $2,700 an ounce. The economic overview highlighted stronger-than-expected retail sales and a boost in GDP estimates, although industrial production slightly declined due to disruptions from natural disasters.

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